I appreciate the discussion. I think some good points have been brought up on both sides. Things can always be improved but I’m happy with the launch thus far and I think ICON designed a very good system and I think we should not rush to make major changes. Over the past several months, P-Reps have brought lots of excitement, marketing, community involvement, DApps, tools, and more to ICON. Most importantly, we helped in testnet and launch the decentralized network. Much of this without getting paid, as pay is within the last month.
I would like to stress that large scale changes such as this should be thought through very carefully. I think we really need to hear from ICON about what their thoughts are of the system. They spent over a year designing the system and I think overall it’s a great system that rewards contribution. We need to hear what they think of it thus far and how they think it will be in the future. If they think it’s good, then perhaps we leave it as is and let it grow. If they think it’s not good, then why? And what is different in the first month than what they were expecting that is causing it to not be good? Making large changes to the whole system in this way comes across as throwing in the towel on proof of contribution and saying it didn’t work, because essentially we would have a proof of stake network if p reps are only block producers. I think the system is working well already and is only going to improve with time as more p reps join. I think we need to give it a chance to show the success of the new system of proof of contribution. Perhaps time will show it’s a great system or perhaps it will show it’s not a great system. Maybe it’s better to have a POS system that rewards investors who just want to run a node. P reps can still do this- they just likely won’t get much voter support. Maybe POC is better in that it inspires p reps to do more than run a node? Time will tell.
As others have stated, if vote concentration is the only potential issue, then there are some potential solutions. I do agree vote concentration is an issue and we should try to help. One such solution is ICON spreading votes as their 24M self stake is a major cause for the top spot being skewed. This could also help lower teams catch up a bit and if done in a public manner based on a modeled curve, I believe it would be fair. In addition, I think the modification to rewards warrants discussion. But I think modifying to reduce by the square root is too much. While the top 2 teams have significant self votes, voters clearly show strong support for many teams at the top. This is based on the time, effort, and trust many of these teams have built. Fair elections and varying rewards are capitalist, and I think that is good for bringing out the best. I would support a smaller factor to even things out though. Perhaps a factor of raising rewards to the 0.75, rather than 0.5 (square root).
I agree that EEP and DBP will require changes to the system to properly work. But I don’t think bringing P-Reps down to only being block producers is the right answer. Perhaps if this was the plan all along, but it wasn’t how this was portrayed or marketed. So why have a year of campaign and base everything on proof of contribution, only to step back and change things a month after decentralization? If this was the plan, then it should have been stated as such. And maybe this is a better plan, to have p reps as only block producers, and leave contribution to EEP and DBP, but that’s not how the system was portrayed for the last year, and I don’t think a rapid change would be healthy. There certainly will need to be some changes to ensure p reps, EEPs, and DBP operate in harmony, but they should be slow and calculated. I think the most difficult thing in all of this is knowing what we as p reps should plan for? We made a proposal based on the system, but the fact that all of these massive changes are being considered makes it prudent to be very cautious to start efforts that may be changed due to a massive overhaul of the system very soon. Stability encourages growth and I think sticking with a good system is better than changing often to perfect to a great system.